Important legal information. Please read these terms and conditions carefully

This part of our website is for the attention of “Professional” investors. In the European Union, it is not for non-professional investors as defined in the MIFID or in each local regulation for the general public and nor for "US Person".
This website is solely for information purposes. There is no guarantee that any targeted performance or forecast will be achieved. Amundi owns the copyright and all other intellectual property rights in the website.

ECB QE Monitor – October 03, 2017

The Eurosystem started its QE in March 2015.

The four main episodes have been:

March 9 2015 (decision to purchase €60 bn of assets per month until Sept. 2016),

December 3 2015 (decision to extend the QE it until March 2017),

March 10 2016 (decision to increase monthly purchases from €60 bn to €80 bn from April 2016)

December 8 2016 (decision to extend the QE until December 2017 at a reduced monthly pace of €60bn).

For the time being, the Eurosystem has already purchased € 2060 bn of assets under the expanded APP since March 2015, including € 1748 bn under the Public Sector purchase Programme(PSPP) and € 115 bn under the Corporate Sector Purchase Programme (CSPP).

Publication

Key points for this month:

The pace of net PSPP purchases has rebounded in September and came back to pre-summer levels after low net purchases in August.

The deviation from the capital key rule increased again (slightly) in September. The respective shares of German and French securities purchased under the PSPP are now very close (respectively 25.5% and 24.2% instead of 26.3 and 20.7%).

The share of Finnish securities fell dramatically, to 0.4% of the PSPP (instead of 1.8%). However, the share of Portugal is stable and that of Ireland is climbing.

In September, the average maturity of German purchases under the PSPP remained relatively low, at 6.6 years only, while it has kept climbing for supranationals (to 14.3 years).

The ECB’s balance sheet accounts for around 38.5% of GDP. Excess reserves climbed further and are now close to €1800bn.